Client will buy Property in joint name, spouse on PAYE, no Tax return, Client self employed small profits so far. Does the Rental income have to be apportioned 50:50 and if altered will that affect CGT?
Many thanks in advance for any suggestions
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Joint Property
If the propertry is held as joint tenants then a Form 17 cannot be used - the Form 17 can only be used where the property is actually held in unequal shares - it cannot be made where as joint tenants you are both jointly owning the whole property and jointly entitled to the whole of the income - in these circumstances the income will be split 50:50